North Carolina Construction News staff writer
Construction spending increased in September across the U.S., but momentum is slowing, according to the Value of Construction Put in Place Survey from the Commerce Department, which shows construction spending up 0.4%.
Construction spending jumped 8.7% since 2022, with private construction projects up 0.4 and private non-residential structures up 0.1%.
Spending on manufacturing construction projects fell 0.4% while residential construction increased 0.6% after rising 1.3% in August and spending on new single-family construction projects jumped 1.3%. An acute shortage of previously owned homes on the market is boosting new construction, the report stated.
Spending on public construction projects rose 0.4% after gaining 0.9% in August. State and local government spending increased 0.9% while outlays on federal government projects dropped 5.3%.